The One Thing Every Get Out of Debt Plan Needs to Succeed

There’s no such thing as a magic bullet when it comes to getting out of debt, but there is one thing every get out out of debt plan needs to succeed.

It’s something we’re all capable of: drawing a line in the sand and saying “no more”.

In other words, you have to really want it. That’s important because while the actual logistics of paying off debt are pretty simple (stop borrowing money and use the debt snowball method to get the money you owe paid off), changing what may be a long-term habit is hard.

Why your emotions matter

There’s a big emotional part to being in debt, and that requires an equally strong emotional commitment to getting out of it.

What’s funny is that we usually try to use logic in our fight against debt. We sit and run the numbers, getting all caught up in the math.

“Well,” we think, “if I pay this one first, it’ll save me $28.74 and I’ll be done sooner!”

Or we blame the high interest rates. I remember cringing at having to pay 21% interest or whatever it was. I’d look at how much went to interest and get mad at the credit card companies, blaming them for my own choices. “If only more of my payments went to reduce the balance! I’d get my credit card debt paid off so much sooner!”.

No, I’d get it paid off sooner if I quit borrowing money.

Debt isn’t logical. If it were about logic, who would agree to pay extra for every single purchase?

Say no more

That’s why the one thing every get out of debt plan needs to succeed is something emotional. By saying “no more”, we’re committing to our plan. Sure, we’re probably going to slip up a few times, at least at first. But the act of literally stopping ourselves, saying no, and then really picturing the reasons we want to get out of debt goes a long way toward helping us break the habit.

I think it helps if there are both strong motivations to get avoid debt, and strong motivations to become and stay debt free.

One set of motivations helps you to remember the bad stuff — so that you never want to be there again. The other gives you something positive to aim for.

That way when you’re tempted to say, buy a new car or go shopping, you’ve got two strong motivators keeping you on track.

What are your motivators?

So think about why you want to make this change.

I know I never want that stress, frustration, and feeling of hopelessness again. Never. And I also love being able to do things like take a trip to Paris on the spur of the moment — guilt free, because I’ve got the money sitting there in the bank and feel like it.

Draw that line in the sand, and enjoy the benefits.